Sensex falls for fifth session in six on derivatives, Iraq

MUMBAI, June 25 (Reuters): The BSE Sensex and Nifty fell on Wednesday for a fifth session in six, with blue-chips such as Reliance Industries Ltd taking a hit as caution ahead of expiry of June derivatives on Thursday and fears of more violence in Iraq prompted investors to pare positions.
Auto stocks surged in the final minutes of trade after Finance Minister Arun Jaitley told reporters that India had extended excise duty concessions for automobiles, among other sectors. Mahindra and Mahindra rose 1.1 per cent, while Maruti Suzuki India Ltd jumped 2.3 percent.
Investors remain hopeful of a pre-budget rally after the recent consolidation but say progress of the ongoing monsoon, deficient so far, holds the key. The Narendra Modi-led government is set to unveil its first budget on July 10.